Personalised Employment Pass: Better and More Flexible, Employment Freedom with Family Members… Which of these 9 Advantages Appeals You the Most?
The Personalised Employment Pass (PEP) in Singapore is set to raise its threshold in September this year, with a direct increase in the salary requirement to SGD 22,500! Who are the individuals applying for this high-demand PEP? Recently, Go Global Gem assisted Mr. F in successfully obtaining a PEP, and through this case, let’s explore who qualifies for this prestigious pass.
① Higher Requirements for PEP in September
The Personalised Employment Pass (PEP) is the highest-level work pass issued by the Singaporean government to attract foreign professionals with high incomes. Compared to other work passes, PEP holders enjoy greater work flexibility.
Earlier, the Singaporean authorities announced that starting from September 1, 2023, the application threshold for PEP will increase to a monthly salary of SGD 22,500. Additionally, two benefits will be introduced:
- Employers can directly hire PEP holders without the need to advertise job openings under the Fair Consideration Framework.
- PEP holders will be exempt from the requirement to fulfill the Complementarity Assessment Framework (COMPASS). This means that most of Singapore’s existing recruitment restrictions will not apply to PEP holders.
Currently, the salary requirement for PEP applications is SGD 12,000 or SGD 18,000 (for overseas applicants). If you have such requirements, please contact Go Global Gem soon to avoid disappointment on the threshold increment。
② The Overseas Identity Planning of Mr. F
Mr. F, a post-95 individual, graduated from the University of Chicago with a master’s degree in finance. Previously, he held an Employment Pass (EP) and worked as an analyst at a credit company in Singapore. In mid-February 2023, as his contract with the company was coming to an end, Mr. F sought the assistance of Go Global Gem to apply for the Personalised Employment Pass (PEP) in order to achieve job freedom and be free from the restrictions of being tied to employment under the same company.
The PEP, also known as the Personalised Employment Pass, is valid for three years (non-renewable). However, the success rate for PEP holders to further apply for Singapore Permanent Residency (PR) is currently very high. Confidentially, Go Global Gem boasts a staggering 99% success rate in assisting PEP clients with their PR applications!
Due to its greater flexibility and freedom in employment, as well as the ability to bring family members to Singapore and enjoy local medical benefits, the PEP has attracted many elite professionals. Mr. F is one of the beneficiaries of the PEP, and the following outlines the main steps of his application process:
January 29, 2023: Submission of the application
February 13, 2023: Mr. F’s EP expires, holding a Short-Term Visit Pass (STVP)
March 30, 2023: Contacting the Ministry of Manpower to request expedited progress
April 10, 2023: Follow-up call to the Ministry of Manpower for the latest updates
April 19, 2023: PEP approved!
③ Advantages of the PEP
1. Nine Key Advantages
The PEP stands out among other permits due to the following advantages:
① PEP has maintained a 99% success rate for PR applications.
② PEP has Fixed project costs with no additional charges or expenses.
③ Enjoy tax exemptions and low tax policies provided by Singapore’s local IRAS.
④ Avoid CRS (Common Reporting Standard) and easy to obtain a Singapore local tax identification number.
⑤ Access to local healthcare benefits and business convenience.
⑥ Children gain eligibility for admission to top global universities.
⑦ Initial approval duration of 3 years, making it the longest among initial identity planning permits.
⑧ PEP holders can bring immediate family members to Singapore, facilitating a family immigration plan.
⑨ PEP is not tied to any specific company, reducing application risks and providing effective control over the entire application process.
2. Highlights Analysis
PEP has numerous highlights:
- No job restrictions, allowing work within different departments of a company (special industries may require certain qualifications or certifications).
- Even if changing jobs, PEP holders does not need to reapply for the permit; a simple notification to the Ministry of Manpower is sufficient.
- With the PEP, individuals without employment can stay in Singapore for up to 6 months to explore job opportunities.
④ PEP Application Guide
1. Eligibility Criteria
It is evident that the PEP stands out among other work permits. However, the corresponding eligibility criteria are relatively high:
- Hold a university degree or higher.
- Possess professional qualifications or certifications.
- For overseas professionals, the previous monthly salary in their last job outside of Singapore must be at least SGD 18,000. The time gap between receiving the last salary and the PEP application must not exceed 6 months.
- Current Employment Pass (EP) holders must have a monthly salary of over SGD 12,000.
However, the following three points should be noted:
- Increased Requirement: Starting from September this year, both existing EP holders and overseas professionals applying for the PEP will need to comply to a monthly income threshold of SGD 22,500.
- Business Restriction: PEP holders are not allowed to engage in any commercial activities in Singapore. If they intend to conduct business, they must apply for an Entrepreneur Pass (Entrepass) or a high-level talent pass (ONE Pass). Specifically, PEP applicants cannot start their own companies in Singapore or participate in any business activities or hiring within their own company. They can serve as a director on a remuneration basis for a company, but they cannot hold dual positions as a director and shareholder.
- Non-Renewable: The PEP is granted for a maximum period of 3 years, but it cannot be renewed.
2. Required Application Documents
If you want to know who is eligible for PEP and who is not, you can refer to previous articles that provide detailed information.
The Ministry of Manpower does not explicitly state the requirements for application documents. However, when filling out the application form, you will need to submit the following documents:
- Personal particulars page of your travel document (if there are any modifications to the details, such as name or expiry date, please provide supporting documents to verify them).
- Educational certificates.
- Employment contracts for your current and previous jobs (if applicable).
- If you are not currently an EP holder in Singapore, you will need to provide an employment history description, including company names, positions, fixed monthly salary, countries, and duration of employment.
- Latest tax returns.
- Pay slips and bank statements for the past 3 months. Please note that any non-English documents must be translated into English by a qualified translator, endorsed by the High Commission/Embassy or notary public, as an official translation.
Note: The processing time for PEP applications is approximately 6-8 weeks. Once your PEP application is approved, you will receive an In-Principle Approval (IPA) letter.
If you desire to achieve employment freedom, relocate to Singapore with your family, and enjoy the local benefits, don’t hesitate to contact Go Global Gem. We can assess your situation and assist you in applying for the advanced and flexible Personalised Employment Pass that caters to your individual needs.
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